Resource planning and forecasting with Rocketlane

Explore the basics of resource planning and forecasting with Rocketlane and discover how to streamline project management processes.
February 23, 2024
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Atteq Ur Rahman

Understanding the critical significance of resource planning and forecasting in propelling a business's growth trajectory is imperative in today's fast-paced and competitive entrepreneurial landscape. Strategic resource management can significantly streamline operations, optimize productivity, and ultimately increase project profitability.

However, if not monitored closely, inefficient resource planning and forecasting can harm the business's growth and sustainability, casting long shadows of doubt over its future prospects.

The key to harnessing its potential lies in the hands of innovative solutions that can power businesses with the tools required for effective resource planning and forecasting. We shall talk about how Rocketlane's PSA tool empowers you with strategic business planning, paving the way for enhanced efficiency and profitability.

In this article:

  • Common challenges that growing companies face
  • What is resource planning and forecasting?
  • What is a resource management lifecycle?
  • Different phases of a resource management lifecycle
  • Optimizing the resource planning and forecasting with Rocketlane
  • Further Reading
  • FAQs

Common resource management challenges that growing companies face

Companies typically encounter several common challenges during their growth and expansion phases. If these struggles are not properly managed, the result can be far from the hoped-for success. Based on various factors including size, sector, and location, the problems can vary. Regardless, there are a number of challenges that seem to span across most businesses.

The growth phase, while exciting, is a crucial phase where careful planning, effective management of resources, and an eye on maintaining and developing the company culture can be the make or break of the company's future prosperity.

Failure to approach these challenges with foresight and attention can derail the company's growth trajectory and introduce significant setbacks. However, with the right strategies, companies can navigate these challenges successfully and continue to thrive in their expansion phase.

Let's take a closer look at some of the challenges that growing companies may come across.

Maintaining project profitability

Your rapidly expanding venture opens up a wonderful opportunity - the prospect of multiplying your profits - and who wouldn't want that? However, this isn't a one-sided affair like most things in life. While your profit potential expands, so too does the risk of multiplying your losses; and that's a far less appealing proposition.

This is precisely why maintaining a steadfast focus on your project's profitability becomes critical. Without this focus, you risk falling into the trap of your team or unit becoming a cost center instead of a profit generator. No business owner wants their hard-earned efforts to start draining resources rather than enhancing them.

So, while your business grows, you face a delicate balancing act. On one side is the exciting chance to really boost your profits, spin that success multiplier and increase your earnings. On the other side is the less glowing reality of multiplying losses if things go unchecked.

So how do you strike the balance? By monitoring, managing, and maintaining project profitability. It's all about ensuring that every project your team handles contributes positively to the business. This way, your team or unit consistently adds value and enhances the financial health of your business, instead of becoming a burden by draining resources as a cost center.

Decreasing time-to-value and pulling revenues forward

In today's fast-paced world, there's a continuous drive to deliver results quickly and efficiently. We understand the importance of reducing the time to achieve value. When you successfully reach your goals in a shorter time frame, you'll have the opportunity to accelerate your revenues and achieve success sooner.

Companies are continuously driving to deliver results quickly and efficiently. The need for quick, effective results is an unceasing push that businesses and individuals alike can't afford to ignore. We fully comprehend and appreciate this need for speed, and how essential it is to minimize the time it takes to realize and enjoy the fruits of your labor.

But why do we emphasize this? When objectives are met in less time, opportunities open up for further growth and achievement. Picture this: with every goal you fulfill ahead of your projected timeline, you find yourself with additional time and resources you can use to chase new endeavors or perfect existing ones.

Moreover, reaching your targets swiftly allows you to accelerate your income stream, providing you with the financial means to expand, invest, or indulge in well-deserved rewards.

Achieving success sooner rather than later not only catapults you farther along your chosen path. It also promises increased motivation, satisfaction, and the joy of witnessing your efforts blossom in record time.

Maximizing the utilization rates

It is a competitive market, and efficiency is king, especially where there is a constant need to achieve more with less. The focus is increasingly shifting towards maximizing the utilization rate, a more important concept than ever before. We're constantly experiencing the need to accomplish more, and yet, we're often working with less.

In the scope of businesses, whether it's human resources, machinery, technology, or time, managing these elements more effectively can result in higher productivity, lower costs, and enhanced profitability. Companies are investing in innovative practices and technologies that can streamline their processes, therefore, increasing their usage of available resources to their full potential.

What is resource planning and forecasting?

Resource planning and resource forecasting are crucial aspects of effective project management. Resource planning involves identifying and allocating the necessary resources for a project, including personnel, equipment, and budget. It helps ensure that the right resources are available at the right time, minimizing delays and maximizing productivity.

Resource forecasting, on the other hand, involves estimating future resource requirements based on historical data, anticipated project scope, and other relevant factors. This helps project managers make informed decisions about resource allocation and identify any potential gaps or excesses in resource availability.

Both resource planning and resource forecasting play a vital role in optimizing project outcomes and achieving organizational goals.

What is a resource management lifecycle?

A resource management lifecycle refers to the process through which businesses acquire, allocate, and optimize their resources to accomplish their objectives efficiently.

A resource management lifecycle enables businesses to assess their resource requirements accurately. Organizations can identify the skills, tools, and materials necessary for their operations by analyzing their current and future needs. This allows them to plan and allocate resources more effectively, preventing overallocation or underutilization.

A resource management lifecycle also ensures optimal resource allocation. Businesses can prioritize and assign resources to the right projects or tasks systematically. Businesses can enhance productivity, reduce obstacles, and improve overall efficiency by aligning resources with project goals. Effective resource allocation also helps avoid conflicts or resource overloads, improving project outcomes.

A resource management lifecycle enables businesses to monitor and track resource usage. Companies can identify areas of wastage or inefficiency by carefully examining how resources are utilized. This knowledge allows them to make data-driven decisions to optimize resource utilization, eliminate unnecessary expenses, and improve cost-effectiveness.

Different phases of a resource management lifecycle

Managing resources effectively is a critical aspect of any successful business. Whether those resources are people, time, or money, understanding the different phases of a resource management lifecycle is essential to control and minimize wastage, ensure efficiency, and optimize productivity.

Here are the different phases of a resource management lifecycle.


The estimation phase involves predicting and estimating the resources required for a specific project or task. This phase enables project managers to plan effectively and allocate resources appropriately. During the estimation phase, factors like time, cost, and availability of resources are considered.

Accurate estimation sets the foundation for successful project execution and helps avoid delays, budget overruns, and resource constraints.

Estimation techniques like expert judgment, historical data analysis, and parametric modeling are commonly used. It is important to regularly update and review estimations throughout the project lifecycle to ensure alignment with changing project requirements. This ensures efficient resource allocation and ultimately leads to project success.


Planning is a crucial phase in the resource management lifecycle that involves identifying and defining a project's objectives, goals, and scope. During the planning phase, resource managers determine what resources are needed, how much of each resource is required, and when they will be required. This includes human resources, equipment, materials, and budget allocations.

Additionally, it is essential to establish a realistic timeline and allocate tasks to team members effectively. A well-structured plan ensures that resources are properly allocated, mitigates risks, and maximizes efficiency throughout the entire resource management lifecycle. It sets the foundation for successful resource utilization and project execution.


Execution involves coordinating and monitoring the allocation of resources to ensure smooth operations. During this phase, project managers must communicate tasks and deadlines effectively to team members, ensuring everyone understands their roles and responsibilities.

Regular meetings and progress reports are essential to track and evaluate the progress of resource utilization and identify any bottlenecks or issues that may arise. The execution phase requires strong leadership and decision-making skills to ensure that resources are utilized efficiently and project goals are achieved on time and within budget.


Optimization is a crucial phase in the resource management lifecycle, aimed at maximizing efficiency and minimizing waste. It involves identifying areas where resources can be better allocated or utilized, resulting in improved productivity and cost savings.

During this phase, organizations analyze data and performance metrics to identify underutilization or bottlenecks in resource allocation. They may implement strategies like load balancing, reallocating resources, or investing in new technologies to optimize resource usage.

Optimization also involves continuous monitoring and fine-tuning of resource allocation methods to ensure that the organization achieves the desired outcomes. It enables them to make data-driven decisions, improve overall performance, and adapt to evolving needs and challenges. Resource optimization is a key driver of success in any organization, facilitating their ability to meet objectives efficiently.

Optimizing the resource planning and forecasting with Rocketlane

Rocketlane offers a comprehensive module for resource management, meticulously designed to cover the whole spectrum of operations in a project's journey. This empowered module unfolds with the initial stage of estimate planning.

It serves as a proficient guide, helping you draft realistic timelines and allocate resources effectively. Subsequently, it assists in seamlessly transitioning into the execution phase, where you can implement the well-drafted project plan.

Rocketlane's full-scale resource management module stands as your interactive assistant throughout the project's lifespan, from the foundational estimate planning to flux optimization, ensuring that the project rides on the steady wheels of efficiency and productivity.

Let's take a closer look at how Rocketlane efficiently manages resource planning and forecasting to help boost productivity and streamline operations.

Project templates

During the estimation phase, you may have several questions running through your mind. How many people should be involved? Which roles should they belong to? How many hours should each person dedicate to specific projects? Rocketlane offers a comprehensive project template that standardizes not only your project and task plans but also your resource plan. This feature greatly simplifies the process of estimating for new projects.

When a new prospect approaches, you can quickly access and share this information with the customer-facing team earlier in the sales cycle.

Using a Rocketlane project template, you can define all the phases and tasks required for your project. You can determine the start dates of each task and the amount of time it will take to complete. Additionally, you have the flexibility to assign roles to each task and provide hourly estimates for work items.

Resource planning

The resource planning tool allows you to create a comprehensive resource plan for your project easily. You can visualize the different roles needed throughout the various project phases by utilizing the allocations tab and determining the number of hours per day required from each role. You can manually allocate time on the user interface or choose to auto-allocate.

Once you have completed the task and effort level planning, the system incorporates this information to create a resource allocation plan perfectly tailored to your project. Additionally, you can easily identify which tasks contribute to the overall time required for the project.

Resource AI

Rocketlane's Resource AI analyzes data, predicts resource needs, and optimizes resource allocation. With Resource AI, you can effortlessly identify blockages, make data-driven decisions, and ensure optimal resource utilization.

Rocketlane saves you valuable time and effort while minimizing the risk of errors by automating the resource planning process. Resource AI also enables you to accurately forecast future resource requirements based on historical data and project timelines.

You can analyze potential earnings and profit margins by assessing workload and profitability decisions. Resource AI enables team member filtering based on skills and regions, ensuring the right person is selected for each project.

Project creation

Rocketlane comes in handy when creating a new project. It lets you easily indicate if you are creating a new project using the updated template. The project creation process also considers your team's requirements, such as the roles needed, task assignments, and allocated hours. You can easily assign placeholders for each role, ensuring everyone knows their responsibilities.

Rocketlane seamlessly integrates with various platforms, such as Salesforce, HubSpot, Zapier, Workato, and APIs. This means that the resource plan will be automatically included no matter where you create the project.

Rocketlane can generate a pre-built project for you. You can set up role-based placeholders and hours allocated based on the template. All your project managers need to do is quickly determine which team members can take on the project. Rocketlane can assist with this process by recommending the best match from your team based on the resource demand.

When a placeholder is assigned to a person, the time allocations are transferred, and any task assignments are also moved. Hence, the team member will be assigned all the customer success tasks and allocated the necessary time for this project.

Resource availability

The resource planner, which is color-coded to indicate resource availability, can help you gain insights into your team members' availability for different projects.

Rocketlane also offers time-off reporting and allocation breakdowns to enable seamless project execution without a hitch.

The 'Demand' tab on Rocketlane reveals role-based supply vs demand dynamics, allowing for more informed hiring decisions. Members submit timesheets detailing their work, which can go through an approval process with the project manager. The system allows for task-level effort planning and tracking, including billable and non-billable hours.

A time tracking report in the Reports section shows budget vs. allocated vs. tracked hours, all categorized per project. The same can be analyzed by 'person' as a performance evaluation tool

Schedule a demo with Rocketlane today and streamline your resource planning and forecasting!


Further reading


1. What are the benefits of using Rocketlane for resource planning?

Rocketlane offers numerous benefits for resource planning, including improved resource utilization, better project visibility, streamlined collaboration, enhanced communication, increased productivity, and efficient tracking of project progress.

2. Can I track the availability and workload of my team members with Rocketlane?

Yes, Rocketlane allows you to track the availability and workload of your team members. You can see their current assignments, upcoming tasks, and their estimated workload to make informed resource allocation decisions.

3. Can I manage multiple projects simultaneously using Rocketlane?

Absolutely! With Rocketlane, you can manage multiple projects simultaneously. You can create separate project timelines, assign resources, and track progress for each project individually.

4. Does Rocketlane provide any reporting or analytics features for resource planning?

Yes, Rocketlane offers robust reporting and analytics features. You can generate reports on resource allocation, project timelines, workload distribution, and overall project performance. This data helps you gain insights and make data-driven decisions.

5. Can I integrate Rocketlane with other tools I use for project management?

Rocketlane offers integrations with popular project management tools, such as Jira, Asana, Trello, and Slack. This allows you to connect Rocketlane with your existing workflows and tools seamlessly.

6. Is Rocketlane suitable for businesses of all sizes?

Yes, Rocketlane is designed to cater to businesses of all sizes. Whether you are a small startup or a large enterprise, Rocketlane's resource planning and forecasting capabilities can help you optimize your project management processes.

7. Can I collaborate with my team members in real time using Rocketlane?

Absolutely! Rocketlane provides real-time collaboration features that enable team members to work together seamlessly. You can assign tasks, share updates, and communicate within the software, eliminating the need for multiple communication channels.

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Madhushree Menon
Content Marketer @ Rocketlane

Madhushree Menon is a content marketer at Rocketlane. She mainly focuses on SEO blogs, but also dabbles in other forms of content. A true Hufflepuff at heart, she loves to binge-watch anime, explore new cuisines, and learn new languages.

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